topic I live in CA, and have a property tax due Feb 2020. For tax purposes, does it make sense to pay before or after 1/1/20, or does it not matter? Relevant tax law changes? in Deductions & credits

I live in CA, and have a property tax due Feb 2020. For tax purposes, does it make sense to pay before or after 1/1/20, or does it not matter? Relevant tax law changes?

Nick22 — Thu, 12 Dec 2019 23:03:29 GMT

Re: I live in CA, and have a property tax due Feb 2020. For tax purposes, does it make sense to pay before or after 1/1/20, or does it not matter? Relevant tax law changes?

VolvoGirl — Thu, 12 Dec 2019 23:10:12 GMT

There is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT". SALT is State And Local Tax. Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

Then all your deductions have to be more than the new higher Standard Deduction to be of any benefit.

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

Re: I live in CA, and have a property tax due Feb 2020. For tax purposes, does it make sense to pay before or after 1/1/20, or does it not matter? Relevant tax law changes?

Nick22 — Thu, 12 Dec 2019 23:16:08 GMT

Thanks! Helpful I appreciate it

Re: I live in CA, and have a property tax due Feb 2020. For tax purposes, does it make sense to pay before or after 1/1/20, or does it not matter? Relevant tax law changes?

TomD8 — Fri, 13 Dec 2019 15:41:36 GMT

But if your itemized deductions DO exceed your standard deduction, be aware that property taxes are deductible in the year actually paid.